Category Archives: Stockbroker Discharged

Alternative Investments, Annuities, Business Development Company (BDC), Failure to Supervise, FSC Securities Corporation, Misrepresentation, Stockbroker Discharged, Stockbroker Malpractice, Unsuitable Investments

Investigation of FSC Securities Brokers Lee Kramer & David Frank on Behalf of Local Deaf Customer-West Palm Beach, FL

February 2020- West Palm Beach, Florida/Frederick, Maryland

We are investigating FSC Securities Corporation financial advisors Lee R. Kramer and David A. Frank on behalf of a Palm Beach County, FL,  resident who is deaf.

According to our client,  Mr. Frank and Mr. Kramer made sales presentations, both in person, as well as via video presentations,  to her and  other members of the local deaf community resulting in the investment in various unsuitable investments, including annuity investments.

According to publicly available records, Lee R. Kramer discloses 7 prior regulatory events, one pending customer dispute and one prior customer dispute, and 2 terminations from employment.

Kramer’s regulatory issues include allegations by Massachusetts securities regulators that he was the subject of 7 disclosures alleging alteration of a variable annuity application, failure to provide notice of replacement of a variable annuity, failure to disclose consent orders to state regulators, possible signature irregularities and failure to report customer emails to his supervisor. Massachusetts R-2005-188.

In pending FINRA Case 19-2969, a customer of FSC Securities alleges that Kramer made unsuitable recommendations to invest in an annuity, a business development company and unsuitable stocks. The customer is seeking damages of $93,000.

IN 2005, Kramer was discharged by Securities America who allege that Kramer failed to disclose state insurance department consent orders.

In 2002, Kramer was ‘permitted to resign’ from Veravest Investments after an internal audit of over 800 customer files indicated that some customer files contained possible predictive statements, possible signature irregularities and two unreported emails from deaf customers.

Lee Kramer has been employed by FSC Securities since 3/2005.

According to publicly available records, David A. Frank has been employed by FSC Securities Corp. since 4/2005.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

If you have information that you think would be helpful to our investigation of FSC Securities Corp. financial advisors Lee Kramer and/or David Frank please contact our Boca Raton, FL, office at the number below.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Failure to Supervise, FInancial Exploitation of the Elderly, Finra Investigation of Stockbroker, Kovack Securities, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Theft

Rita Marie Dulya-Former Kovac Securities Broker-Discloses Pending Criminal Charges- Theft Of a Person 65 or Older-Port St. Lucie, FL

February 2020- Port St. Lucie, FL

The FINRA records of Rita Marie Dulya  , a former stock broker who last worked for Kovack Securities, Inc. , disclose  a regulatory event resulting in a bar from the securities industry, a pending felony criminal charge and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In  11/ 2018,  Dulya was permanently barred from the securities industry  for failing to respond to FINRA request for information in connection with an investigation.

In February 2018, felony charges of third-degree grand theft of a person 65 years of age or older were brought against Dulya in Circuit Court for the 19th Judicial Circuit of the State of Florida, Port St. Lucie County.   Formal charges include exploitation of an elderly or disabled adult- less than $10,000.   This case is currently pending.

In October 2017 Kovack Securities, Inc. terminated Dulya’s employment as a result of allegations that a “client gave money to registered representative”.

Dulya worked for Kovack Securities, Inc.  from November of 2002  to October of 2017.   She was with Pro-Integrity Securities and Sunpoint Securities before that time.

Dulya discloses and affiliation with Port St. Lucie Investment Services.   

If you have problems in an account  handled by Rita Marie Dulya  call for a no charge consultation .

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Cabot Lodge Securities, Concorde Investment Services, National Planning Corp., Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

Robert Tweed-Former Cabot Lodge Securities Broker- Discloses a Regulatory Event, a Civil Event, Numerous Customer Disputes and a Termination from Employment- San Marino, CA

January 2020-San Marino, CA

According to publicly available records of Robert Russel Tweed (CRD#2339324) ,  a  former stockbroker who last worked for Cabot Lodge Securities,  discloses 1 regulatory event, a pending civil event,  3 pending customer disputes,  10 prior customer disputes and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In 1/10/2020 FINRA  permanently barred Tweed from the securities industry to resolve allegations that he negligently made false and misleading statements to customer to induce them to invest in his hedge fund.   According to the FINRA complaint he raised $1.6 million from his customers using a false and misleading private placement memorandum.  This case is presently on appeal.

In 10/2017, The Securities and Exchange Commission filed case no. 2:17-cv-7251 alleging “fraud charges against his company , Tweed Financial Services,  alleging that  investors were misled.

Tweed’s official FINRA record discloses 2 prior awards to  customers of one of Tweed’s  prior employers,  United Securities Alliance and Capwest Securities .  Allegations included unsuitable investments, breach of contract, fraud, breach of fiduciary duty,  fraudulent concealment, omission, negligent concealment, elder abuse, violation of state and federal securities laws and violations of FINRA rules.   The awards in these cases totaled  nearly $500,000.

Tweed’s official FINRA record also discloses 3 settled customer disputes with another one of Tweed’s  prior employers,  National Planning Corporation and Capwest Securities, Inc.   Allegations included breach of fiduciary duty, misrepresentations and omissions, failure to supervise, unfair and deceptive trade practices, violations of state and federal securities laws and elder abuse.  negligence of financial advisor and rescission of contract due to fraud or mistake.  The total settlements in these three cases was nearly $200,000.

In 7/19, a Concorde Investment Services customer filed FINRA case 19-01899 alleging misrepresentation and suitability and is seeking  $1.4 million in damages.   This case is pending.

In another pending case a customer of Concorde Investment Services is seeking $75,000 and alleges that Tweed misrepresented the risks associated with an investment in Vertical US Recovery Fund II.

Tweed was employed by Cabot Lodge Securities from 10/15 until 12/19.   Prior to that time he was with Concorde Investment Services, Capwest Securities, MAM Securities, United Securities Alliance and National Planning Corporation.  

If you had an account with Robert Russel Tweed that suffered losses, you may be entitled to collect damages from his prior employer. Call to discuss your options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Broker borrowing Money from customer, Raymond James, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct

Lance R. Armstrong- Former Raymond James Broker- Discloses Regulatory Event and Termination- Columbia, NJ

January 2020 – Columbia, NJ

The FINRA records of Lance Roman Armstrong  , a former stockbroker who was last employed by Raymond James Financial Services, Inc. , disclose  a regulatory event resulting in his bar from the securities industry and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In November 2019, FINRA  permanently barred Armstrong as a result of his member firm filing a Form U5, disclosing that it had discharged hi after he solicited and accepted multiple loans from customers in connection with an undisclosed business activity.

Armstrong worked for Raymond James Financial Services  from April 2007 until February 2019 when he was discharged by them  as a result of allegations that “he solicited and accepted multiple loans from customers in connection with an undisclosed outside business activity.” 

 Armstrong discloses business affiliations with First Hope Bank of Columbia, NJ and Coopcade Capital an accounting firm in Lafayette, NJ.

If you have questions about an account handled by Lance Roman Armstrong,  call for a no charge consultation with an experienced securities attorney .

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870